Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power Plc, has recently conducted a cross-deal stock sale, offloading one million units of its holdings.
This transaction, as disclosed in a corporate notice to the Nigerian Exchange Limited on Wednesday, occurred on Monday.
The one million units of Geregu Power shares were traded at N399 per unit, totaling approximately N399 million. This development follows a previous cross-deal where shares worth N1.89 billion were exchanged a few weeks ago, with the counterparty left unnamed.
In a notable deal on October 31, 4.8 million units of Geregu Power shares were traded at N395 per unit, involving the majority shareholder, Amperion Power Distribution Company Limited. Amperion Power, a subsidiary of Forte Oil, owned by billionaire businessman Femi Otedola, acquired Geregu in 2013. The company made history by becoming the first power company to be listed on the NGX in 2022.
As of June 30, Amperion Power held 2.06 million shares in Geregu, representing 82.45 percent of the total shares. In contrast, Femi Otedola’s current stake stands at 1,245 shares, constituting about 0.00005 percent of the company’s total shares at the end of the half-year period.
Meanwhile, Geregu Power Plc reported a post-tax profit growth to N11.36 billion in the third quarter.
